If you live a simple life your retirement days could be way cheaper. However, because a lot of retirees have more free time, this could mean you’ll spend much more on travel, leisure, and entertainment. In fact, according to certain studies, most households end up spending more than they used to in the first two years after retirement. It’s however important to find ways to save more because remember, you’re no longer working. Here are some great ways to save money in your senior years:
1. Make good use of senior discounts
One of the things you can enjoy as a senior citizen is the fact that several businesses have discounts for seniors. All you have to do to take advantage of these is ask them. You can also go online and check the company website to see if they have any offers or discounts for seniors. Such businesses include transport and travel services, salons, cable TV providers, grocery stores, and gyms among others.
2. Use public institutions
Public institutions such as parks, libraries and community centres offer some free services, events and educational programs or in some cases, discounted ones. This is great as it means you can get books or movies from the library at a considerably low amount. Public parks hold concerts for free a few times and you can enjoy yourself there. If you still want to get more education, certain public colleges have reduced or in some cases even free college tuition to people above the age of 55.
3. Change up your living arrangement
If you’re older and live alone, you might notice expenses going up unnecessarily. With tougher economic times, you might want to adjust accordingly to save more. You could do this by getting a housemate, moving to a smaller apartment or house that suits all your needs or even moving to a senior community. These living communities dedicated specifically to seniors are more affordable, include utilities and in some cases, even caregivers.
4. Shop at thrift stores
If you love shopping for clothes and are particularly keen on style, then a great way to save money is to shop at thrift stores. The clothes may be cheaper, but most of the time there is no compromise on quality. You can even get clothes from high end notable fashion brands and no one will realize they were thrifts.
5. Reduce your transport expenses
Although being a senior might mean you no longer have to drive to work, owning that car could still be costly. Think of maintenance and repairs. Those could see you incur several costs. However, you can save more by carpooling with others. You could also shop around for a lower insurance cover or move to an area with good public transport. Alternatively, you can walk whenever you’re going to places that aren’t too far away. Its great exercise and you’ll realize you’re saving so much money that could be used on fuel.
While you may have saved so much for retirement, it’s worth using this money wisely because you are no longer working. Besides, saving more means you’ll have more in case of any emergencies.